Case StudyCaso de EstudioCas d'Estudi

Award-Winning Banking AI Chatbot and Mobile App

A mobile-only bank, under a major Spanish bank, recognized the potential of leveraging chatbots to engage its target market of millennials and later, Gen Z, who exhibit high smartphone usage in every aspect of their lives. In January 2016, the digital-only bank launched an innovative banking conversational chatbot integrated into their native mobile app. This pioneering initiative, fueled by SEIDOR Opentrends' multidisciplinary expertise, transformed how users managed their finances and secured recognition from industry leaders.


Digital Banking Transformation: Engaging Tech-Savvy Millennials and Gen Z

In a rapidly evolving digital landscape, engaging millennials and adapting to their communication preferences posed a challenge for the bank. Traditional banking channels struggled to resonate with this tech-savvy demographic. The challenge was to create a user-friendly and interactive platform that effectively communicated promotions and offers, all while considering potential reservations and security concerns associated with chatbot technology.


Strategic AI Chatbot Integration

Implementing an AI conversational chatbot in a bank requires a well-structured and secure infrastructure to ensure seamless integration, data privacy and efficient performance. Leveraging the popularity of messaging platforms among millennials, the bank strategically integrated a chatbot into its website, Facebook Messenger, and the financial institution's Android and iOS mobile applications. This chatbot aimed to provide quick and engaging customer responses, presenting information on offers, promotions, and discounts through text and voice interactions. The chatbot engaged users in interactive conversations using AI and natural language processing (NLP) by Watson's AI engine, making information retrieval seamless and enjoyable.

The chatbot exceeded transactional functions, tailoring exclusive retail offers to user preferences, interests, and locations for heightened engagement and a personalized experience. SEIDOR Opentrends extended its expertise to enhance usability and engagement across the bank's private banking apps. Customer interactions were significantly optimized through meticulous API integrations and streamlined user interfaces, reflecting a customer-centric approach.

Technologies: Hubtype Bots, IBM Watson, JEE and Drupal

hands holding smart phone typing on AI chatbot

Driving Engagement and Efficiency with Banking AI Chatbot

The chatbot swiftly gained traction, with a significant user base engaging with the platform. Users could easily inquire about offers based on specific categories or locations through text or voice commands. The chatbot's ability to filter and suggest offers according to user preferences enhanced the overall user experience.

In 2016, the chatbot project earned recognition from The Banker, highlighting its contribution to AI technology in the financial sector. Gartner featured it as the world's most innovative mobile business model.

The potential annual savings in customer service costs were substantial, showcasing the efficiency and cost-effectiveness of the chatbot. As a result, the digital-only bank has continued to explore further developments, considering implementing the chatbot in various areas and services, including operations and transactions.

woman holding and looking at her phone

A New Era of Digital Banking and CX

The bank enhanced user convenience by introducing the financial chatbot and gained recognition as an industry trailblazer. For financial institutions aiming to enhance customer communication and reduce service costs, integrating chatbots into popular platforms or native apps is a viable strategy. Addressing security concerns and continually improving the chatbot's capabilities will ensure a seamless and secure user experience moving forward. If you’re looking for a new perspective, check out our Banking and Financial services or contact us with the button below.